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Dismissal of VEB. RF chief economist Andrei Klepach

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2026-08-18 11:35 UTC → 2026-08-18 13:32 UTC · added ~~removed~~

Andrei Klepach, the chief economist of the Russian state development corporation VEB. RF, has been dismissed from his position following the public emergence of controversial remarks he made in May 2026 at the Nikitsky Club forum. During his speech, Klepach provided a critique of the economic impact of the war in Ukraine, warning that Russia is unlikely to win a prolonged war of attrition. He asserted that the Ukrainian economy remains resilient due to Western financial support and cautioned that Russia is losing the global technological and economic competition to the United States, China, and even Ukraine. Klepach further predicted that rising conflict costs and inequality could trigger a severe social crisis, drawing parallels to the 1917 February Revolution. While VEB. RF confirmed Klepach’s departure and noted that a successor has been selected, the institution has not officially stated the reasons for his removal. However, reports indicate the dismissal followed a ‘call from above’ from the Kremlin regarding his critical assessments of Russia’s economic and political development.

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